Hawaii Real Estate Market
proven to be strong with October Sell outA second phase of lots will go on sale at Hokulia next month, with home sites to be offered at the 1,540-acre luxury golf course development on the Big Island for more than twice the prices in the first phase.
Hokulia’s phase two is being marketed as Nalu Kai Estates, 45 home sites surrounded by the first nine holes of the project’s Jack Nicklaus-designed 18-hole golf course, close to the 140-acre shoreline park and near the project’s planned ocean club and spa retreat.
Prices for the lots, which range from at least one to more than two acres in size, are between $2.5 million and $4.5 million. Hokulia has hired S&P Destination Properties to handle sales and marketing. The Canadian firm also is handling sales for the Residential Suites at The Ritz-Carlton, Kapalua on Maui and Koloa Landing at Poipu Beach on Kauai, and also handled the one-day sellout last year of the Trump International Tower & Hotel in Waikiki.
Hokulia’s phase two prices are considerably higher than the initial 240 lots — when they went on sale eight years ago prices ranged from $700,000 to more than $2 million for lots of between one and 1.5 acres in size.
Of those, 192 lots were sold before September 2003, and the remaining 48 lots from phase one now have been sold or are in escrow, said CEO John DeFries.
Four years ago Circuit Court Judge Ronald Ibarra halted work on the project after ruling on a lawsuit that Hawaii County did not have the authority to approve the development on agricultural lands and that 1250 Oceanside Partners would have to seek a zoning change from the state.
Hokulia restarted work last year after reaching an out-of-court settlement to downsize the density from 1,400 to 665 lots, to forego adding a third nine holes to the golf course and abandoning plans to build a member’s lodge.
Three custom homes were completed before the work stoppage, four are under construction and another four are due to start construction by the end of the year. Another 40 homes are in the design review process, which must be completed before owners and their contractors can apply to the county for building permits.
The developer, 1250 Oceanside Partners, also is in the process of having a supplemental environmental impact statement prepared to submit to the state Land Use Commission in its bid to have the bulk of the land reclassified from agricultural to rural. The original EIS was completed in 1993.
DeFries said the supplemental EIS would take six to nine months to complete.
Once it is submitted and accepted by the Land Use Commission, the panel would have one year to act on the developer’s application, said Anthony Ching, the commission’s executive officer.
In the meantime, Hokulia is moving forward under agriculture obligations, De Fries said.
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Posted in Hawaii Real Estate, Maui Real Estate | Tags: hawaii, maui, real estate market
